In this study the researcher observed the role played by the finance and accounting function in the operation of a business. The author of the study recognized the following main functions:
• The raise of funds or financial management
• The role of financial reporting and
• The budgeting and organisational objectives.
Financial management is a division of the finance and accounting purpose i.e. concerned with the financing of an industry’s activities. Finance is usually raised through loan capital, share capital and state finance or through inside generated funds. This report is prepared for Roberta Kelly and providing good budgeting plan to her business. It is designed to give the learners a chance to investigate the principles that support the financial decision making procedure and how they are applied into business. International Financial Reporting Standards (IFRS) is a group of accounting standards build up by a sovereign, not-for-profit business called the International Accounting Standards Board (IASB). “The goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements. IFRS provides general guidance for the preparation of financial statements, rather than setting rules for industry-specific reporting”. Financial reporting is the arrangement of financial data in a form that is helpful to interested parties. It includes the collection and presentation of data for utilize in management accounting and financial management. ...